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India's Circus Is One to Skip

By

Harsh Joshi

January 4, 2012

In ancient Rome, politicians famously used "bread and circuses" to win votes. For India, in a big state-election year, the government will likely turn to food and welfare programs, letting short-term politics cloud economic progress.

The government in 2011 already backtracked on promised reforms and stalled crucial projects. The price? New Delhi was unable to handle deteriorating macroeconomic fundamentals: Inflation has been running close to 10% for nearly two years; the rupee was the worst performing Asian currency...

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